100 Main StMiddletown, CT 06457
- Other commercial real estate
- 14,334 SF
Property Details for 100 Main St
- Year built
- 1977
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.82 AC
- Property size (Sq ft)
- 14,334 SF
- Zone code
- B-1
- Property type
- Other commercial real estate
- Property subtype
- Showrooms
- APN
- MTWN M:24 L:0274
- APU
- MTWNM24L0274
Description
This exceptional investment opportunity presents a fee-simple interest in a 14,000 square foot, three-tenant medical and retail building situated in Middletown, Connecticut. The property boasts a 100% occupancy rate, anchored by DaVita Dialysis, a leading kidney care provider, occupying 12,000 square feet and holding a significant lease term. Two additional tenants, Edible Arrangements and Abyssinian Food, complement the property's diverse tenant mix. Built in 1960 and renovated in 2009, the single-building property sits on a 0.82-acre lot. The Net Lease (NNN) structure minimizes landlord responsibilities, offering a passive investment with a current NOI of $296,396 and a 7.20% cap rate. The asking price is $4,116,600. All tenants have 2% annual rent bumps built into their leases, and lease options are available. The weighted average lease term (WALT) is 5.4 years, providing long-term stability and predictable cash flow. The property benefits from its high-visibility location off US Highway 9, serving a strong demographic area with an average household income of $118,259 within a 5-mile radius. This offering presents a compelling investment in a stable, growing industry within a desirable Connecticut market.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $3,483,662
- 6.5%
- $3,215,688
- 7%
- $2,985,996
-
Comparable approach
- Method
- Valuation
- Relative Method
- $4,719,658
- Geo Method
- $4,719,658
-
Alternative Use
- Use
- Valuation
- Residential
- $2,712,554
- Hospitality
- $2,484,684
- Educational
- $2,067,228
- Medical
- $2,138,324
- Retail
- $3,215,688
Location Insight
- City
- Middletown
- County
- Middlesex
- State
- Connecticut
- Latitude
- 41.5581
- Longitude
- -72.6474
- CBSA code
- 25540
- CBSA name
- HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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